One trend in the market is an inclination toward crank motors in electric bicycles. Generally, electric bicycles come with hub motors. However, today, electric bicycles are also fitted with crank motors as they provide higher performance capacity and are suitable for uphill rides than hub motor bicycles. A crank motor is placed in the middle of the bicycle frame and normally is in the bottom brackets.

The global bicycle motors market is forecast to grow at a CAGR of 6.34% during the period 2017-2021. According to the report, one driver in the market is fuel-efficiency of bicycles. Fuel prices have increased significantly in the past few years and continue to fluctuate. According to the US Energy Information Administration, the average price per barrel of crude oil was $43/b in 2016. The rise in fuel prices has resulted in the increase in the adoption of electric bicycles and pedelecs as a daily mode of transport. With the rise in fuel prices, the demand for battery-powered bicycles has increased. Bicycles are equipped with motors, which help manage speeds better and make them easier to drive through mountain areas, overpasses, and rough roads. Many people in Europe now prefer to cycle to work, especially with governments constructing bicycle-friendly streets. A growing number of commuters in China are using battery-operated bicycles. Thus, the increase in fuel prices is resulting in the increased adoption of electric bicycles, thereby, in turn, driving the growth of the global bicycle motors market.

Furthermore, the report states that one challenge in the market is the high price of electric bicycles. Although electric bicycles are environmently-friendly and offer low-cost transportation compared with other automobiles, the higher cost of electric bicycles compared with conventional bicycles hinders the growth of the electric bicycle market. The most significant technological challenges faced by electric bicycle manufacturers are the cost and performance of components and materials. The type of motor used in electric bicycles also affects the price of the electric bicycle. The more advanced the motor is, the higher the cost of the bicycle. Most electric bicycle motors are in the power range of 250 W to 750 W. The type of motor needed depends mostly on the type of riding and the terrain the bicycle will be used in.

Key questions answered in this report

What will the market size be in 2021 and what will the growth rate be?

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